The crypto market is recovering after witnessing considerable declines in the past months. Meanwhile, the number of smart contracts on some networks has picked pace. One of them is the Ethereum blockchain.
On-chain Activity On Ethereum Gaining Momentum
Smart contracts on the Ethereum blockchain during the bear season dropped. The scenario was also similar for other blockchains.
However, Easy OnChain, a cryptocurrency analyst at CryptoQuant, reported some good news. The analyst noted that the number of smart contracts on ETH began to increase on October 9th.
Meanwhile, the analyst gave a possible reason for reducing smart contracts during the bear season. It was likely because no developer wanted to launch a dApp project, probably because of the crypto market situation.
However, the new increase in smart contracts reveals a renewed optimism among developers. The analyst said:
“This increase signifies that developers now have more faith in the crypto market and network activity on Ethereum.”
Easy OnChain said developers might have created these new contracts for new apps. Hence, the crypto community may see new apps launched in the future.
Ethereum’s Price To Cross $3000 By 2023
Meanwhile, the recent hike in Ethereum on-chain activity is coming after the Merge. In addition, multiple reports revealed that Ethereum has added over 86,945 addresses per day in October since the Merge.
Also read:These data indicate that the network is growing and more users are entering the network. Unfortunately, the price of the Ethereum token has yet to climb above $2000 post-Merge.
Earlier this week, about $20 billion entered Ethereum’s market capitalization. This action pushed the price of the coin above $1,500.
This is the first time the token has crossed $1,500 since the Merge. Analysts predict that the token could rise in 2023, surpassing $3,000.
Meanwhile, Ethereum remains the second-largest crypto according to market capitalization. According to Coinmarketcap, ETH’s market cap is about $185 billion.
Google Cloud Launches New Product Which Supports ETH’s Blockchain
In other news, Google Cloud is taking steps to support more Web3 developers. This support will allow them to develop and release new products on blockchain platforms.
Besides, blockchain technology has gained significant prominence lately. This technology is changing how individuals and companies move and store information.
Last week, Google Cloud launched the Blockchain Node Engine. It is a blockchain tool that helps Web3 developers to build and deploy new products on blockchain platforms.
According to Google Cloud, the new tool will enhance Web3 development. Also, Ethereum is the first blockchain it will support. As a result, blockchain developers would be able to provide Ethereum nodes with secure access to the network.
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